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John Cooper, 27, is having a tough few years in real estate. The Roseville, Calif, agent came into the business shortly before the top of the market then saw his sales drop off in 2006. Next, he lost his house. Payments on his adjustable rate mortgage jumped from $1,300 a month to $2,000. Cooper, who owed more than the home was worth, let the house go into foreclosure. ( Recently, Cooper has gotten busy again, but all of listing are so-called short sales [i.e., the sales price is less than the mortgage owed,] which involve more work and can take double or triple the time to complete than a typical house purchase. "Investors stay away from short sales," says Cooper. "It takes too much time." Realtors around the country have for the past few years been dealing with the double blow of sinking home prices and falling... [read full story]
